What are sanctions?

Sanctions are measures taken by various countries to influence the behavior, policy or actions of other countries, sectors, or individuals. They can be general or specific, as well as economic, financial, or political, and can restrict trade or movement. By far not all countries apply the same sanctions, and sanctions do not only attach to activities within a country’s borders. If there is one thing sanctions have in common, it is that breaches are often serious and accompanied by fines or incarceration.

OKX must comply with sanctions regulations in all jurisdictions where we operate or are directly regulated, including the USA, Canada, Europe, Singapore, Japan, and Hong Kong. However, we may apply other sanctions regulations at our discretion.

Why is additional information necessary?

Many jurisdictions have put obligations in place to ensure that the sanctions programs applicable in their country are adhered to. This may include a prohibition against dealing or transacting with entities, individuals, or wallet addresses in a certain country, in a certain industry, or specific people.To confirm that OKX is operating within the parameters of the various sanctions programs of the jurisdictions within which it operates, we need to collect sufficient information to be sure that we are not doing business with a sanctioned individual, entity, country or wallet address. Having additional information helps us verify your identity compared to someone else with the same or similar personal details, such as the same first and last name or country of origin.

What happens with the information?

The information provided is kept confidential, reviewed only by designated individuals within the Compliance team who are responsible for customer onboarding. Our employees are trained on all regulatory and compliance obligations that apply to OKX and operate with the utmost integrity. All customer personal data collected is retained and destroyed securely in accordance with our records retention policy.

What if I have more questions?

Should you have additional questions or concerns regarding the sanctions program in your jurisdiction, you can find additional information with your local regulatory authority.

We have provided some examples below:United States Sanctions Programs and Country information with the U.S. Department of the Treasury

United Nations Security Council Consolidated List of Sanctions adopted by member states